M McClain T O R C H F U N D

Year End Report October 2019 - September 2020 M

Dear Mr. and Mrs. McClain,

It is often said that a good education is the greatest gift you can give someone. As undergraduate students, the ability to manage a portfolio with real money and real consequences is an unrivaled experience that gives us exposure to the opportunities that a career in value investing would present. The Torch Fund program has tested our understanding of the market and our value investing skills; it continually drives us to be better students, teammates, and leaders. To properly represent the McClain legacy, we are challenging our education every day as portfolio managers to pay homage to the managers that came before us and pave the way for those that are certain to follow in our footsteps.

As a team, we have capitalized on our diverse learning experiences and skills to navigate one of the most uncertain markets in recent history. Thanks to our collective academic drive, we were able to effectively capitalize on the unique investment opportunities the market had to offer. We regularly evaluate our holdings for potential risks and continuously look for high quality businesses with payout potential to invest in. This period, we liquidated our DIS, FIVE, JOUT, LH, and TAP positions. These liquidations provided the financing for an abundance of strategic purchases during the period; DLR, KMB, LMT, MC, MDT, MSFT, MTCH, and NEE were all exciting additions made to the portfolio in P3. Looking forward, we will continue to monitor these new additions, along with all other holds, to increase the prosperity of the fund.

This period, the McClain Fund generated absolute returns of 26.37% relative to our benchmark’s absolute return of 20.68%. This difference makes our relative return 5.69%. In terms of tenure, the McClain Fund generated absolute returns of 0.39%, while our benchmark returned (5.65%) – leaving us a relative return of 6.04% for the year. Compared to the other funds, the McClain Fund generated the greatest relative return for P3 and tenure.

Being members of the McClain Torch Fund has presented so many invaluable opportunities that cannot be overstated. We are mindful of the profound impact this educational opportunity has had -- and will continue to have -- on our development as young portfolio managers. We only hope to prove your investment worthwhile by demonstrating our drive, skill, and growth as value investors. We attempt to pay your investment forward by providing additional funding for future generations of fund managers to work with. We are forever grateful for the one investment – your investment in our education – that has made all the difference. Thank you.

Sincerely, Account Summary (P3) Portfolio Value as of 3-31-20 221,339.75 Contributions 0 Withdrawals 0 Realized Gains (1,943.74) Unrealized Gains 58,860.87 Interest 9.38 Dividends 1437 Portfolio Value as of 9-30-20 279,703.26

Performance Summary P1 P2 P3 Tenure McClain Torch Fund 6.50% (25.40%) 26.37% 0.39% Russell 3000 Value Index 7.44% (27.21%) 20.68% (5.68%)

Other Indices P1 P2 P3 Tenure CPI + 7% 9.07% 9.10% 7.78% 8.43% S&P 500 Index 9.04% (19.53%) 31.21% 14.94%

Risk/Return Metrics* McClain Torch Fund P1 P2 P3 Tenure Sharpe Ratio 2.69 (2.10) 1.95 0.16 Treynor Ratio 0.30 (1.25) 0.67 0.06

Russell 3000 Value Index Sharpe Ratio 2.97 (1.94) 1.45 0.01 Treynor Ratio 0.28 (1.13) 0.42 0.00

*Annualized measures Best Performers

Security P3 Tenure Weight

PayPal Holdings, Inc. 105.80% 86.55% 8.49%

InterActive Corp. 85.38% 51.92% 3.92%

Owens Corning 78.54% 9.61% 3.53%

Encore Capital Group, Inc. 65.06% 16.94% 1.35%

Facebook, Inc. 57.01% 42.16% 3.58%

Worst Performers

Security P3 Tenure Weight

Universal Insurance Holdings, Inc. (20.98%) (51.29%) 3.26%

ICU Medical, Inc. (9.42%) 0.36% 5.71%

CVS Health Corp. 0.12% 0.87% 4.51%

Cisco Systems, Inc. 2.04% (10.65%) 5.06%

Lockheed Martin Corp. 2.31% 2.31% 3.26%

*All weights expressed as of end of day 9/30/2020

McClain Sector Weights Portfolio Appraisal UT-McClain Torch Fund 9/30/2020

Quantity Security Unit Cost Price Market Value Percent Assets COMMON STOCK Consumer Staples 22 Kimberly-Clark Corporation 132.10 147.66 3,248.52 1.16 3,248.52 1.16 Health Care 135 Alexion Pharmaceuticals, Inc. 94.00 114.43 15,448.05 5.52 191 CVS Health Corporation 69.85 58.40 11,154.40 3.99 78 ICU Medical, Inc. 182.11 182.76 14,255.28 5.10 85 Laboratory Corporation of America Holdings 154.07 188.27 16,002.95 5.72 65 Medtronic PLC 94.86 103.92 6,754.80 2.41 63,615.48 22.74 Industrials 25 Lockheed Martin Corporation 379.33 383.28 9,582.00 218 Owens Corning 61.71 68.81 15,000.58 5.36 24,582.58 8.79 Information Technology 307 Cisco Systems, Inc. 45.45 39.39 12,092.73 4.32 21 , Inc. 165.42 210.33 4,416.93 1.58 132 Paypal Holdings Inc. 87.71 197.03 26,007.96 9.30 76 Visa, Inc. - Class A 136.38 199.97 15,197.72 5.43 57,715.34 20.63 Communication Services 441 Discovery, Inc. 30.86 21.77 9,600.57 3.43 134 Electronic Arts, Inc. 102.17 130.41 17,474.94 6.25 72 Facebook, Inc. 144.85 261.90 18,856.80 6.74 64 IAC/InterActiveCorp 60.78 119.78 7,665.92 2.74 138 Match Group, Inc. 98.92 110.65 15,269.70 5.46 68,867.93 24.62 Energy 231 Marathon Petroleum Corporation 61.68 29.34 6,777.54 2.42 6,777.54 2.42 Financials 160 Encore Capital Group, Inc. 33.00 38.59 6,174.40 2.21 158 Moelis & Company 29.55 35.14 5,552.12 1.99 490 Universal Insurance Holdings, Inc. 24.37 13.84 6,781.60 2.42 18,508.12 6.62 Real Estate 44 Digital Realty Trust, Inc. 137.53 146.76 6,457.44 2.31 6,457.44 2.31 Utilities 15 Nextera Energy, Inc. 235.33 277.56 4,163.40 1.49 4,163.40 1.49 COMMON STOCK Total 253,936.35 90.79

CASH AND EQUIVALENTS Fidelity Cash Reserves 25,766.91 9.21 Total Portfolio 279,703.26 100.00

Purchases and Sales UT-McClain Torch Fund From 4/1/2020 to 9/30/2020

Date Quantity Price Company Ticker Amount Purchases 4/9/2020 22 $ 132.10 Kimberly-Clark Corporation KMB $ 2,906.11 4/9/2020 158 $ 29.55 Moelis & Company MC $ 4,669.66 4/9/2020 23 $ 100.66 Medtronic PLC MDT $ 2,315.18 4/9/2020 7 $ 165.00 Microsoft, Inc. MSFT $ 1,155.00 4/9/2020 5 $ 236.00 Nextera Energy, Inc. NEE $ 1,180.00 4/13/2020 21 $ 140.50 Digital Realty Trust, Inc. DLR $ 2,950.50 4/13/2020 7 $ 162.95 Microsoft, Inc. MSFT $ 1,140.65 4/13/2020 5 $ 236.00 Nextera Energy, Inc. NEE $ 1,180.00 4/15/2020 5 $ 140.00 Digital Realty Trust, Inc. DLR $ 700.00 4/15/2020 12 $ 96.36 Medtronic PLC MDT $ 1,156.32 4/16/2020 25 $ 379.33 Lockheed Martin Corporation LMT $ 9,483.28 4/21/2020 7 $ 168.31 Microsoft, Inc. MSFT $ 1,178.17 4/21/2020 5 $ 234.00 Nextera Energy, Inc. NEE $ 1,170.00 5/12/2020 9 $ 136.00 Digital Realty Trust, Inc. DLR $ 1,224.00 5/15/2020 9 $ 130.74 Digital Realty Trust, Inc. DLR $ 1,176.66 6/11/2020 10 $ 90.94 Medtronic PLC MDT $ 909.40 6/24/2020 10 $ 90.00 Medtronic PLC MDT $ 900.00 6/26/2020 10 $ 88.50 Medtronic PLC MDT $ 885.00

Sales 4/6/2020 97 $ 98.00 The Walt Disney Company DIS $ 9,505.78 4/6/2020 116 $ 69.00 Five Below, Inc. FIVE $ 8,003.82 4/16/2020 88 $ 56.80 Johnson Outdoors Inc. JOUT $ 4,998.28 4/17/2020 100 $ 59.47 Johnson Outdoors Inc. JOUT $ 5,946.86 7/1/2020 95 $ 35.31 Molson Coors Beverage Company TAP $ 3,354.61 7/14/2020 176 $ 34.89 Molson Coors Beverage Company TAP $ 6,140.50 Alexion Pharmaceuticals, Inc. (ALXN)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $114.43 $145.00 $21.96B $9.99 11.12 27.44%

Description: Alexion Pharmaceuticals, Inc. is a biopharmaceutical company that focuses on the development of biologics. They research novel molecules to treat rare and ultra-rare diseases. Recognized as a global leader in the complement cascade for their C5 portfolio including blockbuster Soliris and recently approved biosimilar Ultomiris, they are continuing to expand their footprint into new indications and therapeutic areas.

Investment Thesis: Alexion continues to show strong growth in key markets while also remaining best or first in class in specific treatments. Recently, Alexion received approval for Ultomiris treatments in Japan, opening that market to receive treatment. Alexion also received regulatory approval from European regulators for the use of new advanced formulations of Ultomiris. Such regulatory approvals have allowed Alexion to achieve a best-in-class conversion rate for PNH Ultomiris in the last 18 months.1 Currently, Alexion projects rapid expansion opportunities in markets they currently serve, as they are on track to achieve 4x growth expansion in US gMG and NMOSD neurology patients by 2025.1 At this time, we believe that Alexion has ample room to grow as they continue to capture market share in a high barrier to entry sub-industry via continued regulatory approvals and drug pipeline growth. Futhermore, the innate stickiness of their consumer base allows for Alexion to achieve a share repurchase amount to that of an 1 estimated 1/3 of FCF in the coming years.

Return Compared to Related Indices 1 Year 5 Year

Cisco Systems Inc.

(CSCO)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $39.39 $47.93 $166.75B $2.84 13.87 2.04%

Description: Cisco Systems is one of the largest manufacturers of network gear -- routers, switches, and servers as well as software -- that moves information around the internet and corporate networks. Cisco, which has dominated the market for internet protocol-based networking equipment, also makes security software, internet conferencing systems and provides IT services to their customers. Investment Thesis: Cisco has for years captured around 1/2 of the market’s IT hardware spending and expects to retain a firm grasp of the market through the Catalyst 9000 platfrom and a variety of networking hardware. The Catalyst 9000 platform is expected to be a $44B multi-year upgrade opportunity for its campus switching clients.

Recently, Cisco has strategically been prioritizing growth towards the software and IT services portions of their business model as they expect these key business units to be the major growth drivers for years to come as business’s adopt cloud networking solutions and move away from a in-house, private IT systems. We believe this focus will provide a more wholistic business model as they will be able to provide the hardware, software, security packages, and on-going service that today’s business needs to be competitive, secure, and value-adding.

Cisco is in the processs of adapting their business model from one-time purchases and perpetual licensing to subscription-based and recurring revenue streams. We

believe this will provide Cisco with a much more resilient financial position ontop of its already astronomical cash flow generating capabilities.

Return Compared to Related Indices 1 Year 5 Year

CVS Health Corp (CVS)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $58.40 $98.00 $76.43B $7.22 8.59 0.12%

Description: CVS Health Corp is a leading healthcare-services company operating through its 3 segments: Pharmacy Services, Retail/LTC, and Health Care Benefits, a newly created segment as a result of of their merger with Aetna in 2018. They are one of the largest pharmacies and drug store chains with over 9,900 retail locations, around 1,100 walk- in medical clinics, and a major pharmacy benefits manager with over 92 million members. Investment Thesis:

CVS continues to be the premier end-to-end healthcare services provider. Since the COVID-19 crash, CVS has seen retail growth begin to normalize.1 CVS has also began to rollout more integrated offerings with Aetna’s clientele. With their newly announced diabetes management program, CVS has two of Aetna’s largest Medicare clients planning to enroll as early as 4Q20 with self-insured Aenta clients being able to enroll in 2021.1 On the HealthHub® front, CVS has introduced a new Behavioral Health offering to be available in 2021. Continued COVID-19 impacts have allowed for a 15% increase in HealthHub® visits via Telehealth, an offering CVS looks to continue to promote post-COVID.1 CVS has also improved leverage ratios as they target a leverage ratio in the low 3x’s in 2022.2 With their new tender offer of $6B in 3Q20, CVS was able to pay down $2B worth of net debt which flattened their debt schedule and lowered overall interest expense.2 We believe CVS’s normalizing growth, new integrated offerings with Aetna, and their continued focus on driving down leverage ratios will allow for future deployment of capital in the form of increased dividends and the start of share repurchases. Return Compared to Related Indices 1 Year 5 Year

Discovery Inc. (DISCA)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $21.77 $24.75 $14.45B $2.41 8.92 11.99%

Description: Discovery Inc. is a non-fiction entertainment company that runs a large variety of educational television channels. DISCA’s global media is distributed across a variety of platforms and is one of the largest pay-TV programmers offering a variety of entertainment including Animal Planet, the Food Network, HGTV, and TLC. Investment Thesis:

Discovery Inc. struggled through the first couple months of the COVID-19 pandemic but is now performing much better.

Although the first half of their fiscal year showed a year-over- year decrease in revenue and net income, DISCA has just acquired AdSparx, an ad-tech start-up providing a cloud-based

technology platform for live and on demand streaming that will aid in their continued recovery from the pandemic.

During shelter-in-place orders, many looked to fill their additional free time with easily-accessible, everyday entertainment. Since sports were cancelled and many didn’t want to watch the news, Discovery’s diverse portfolio of cooking, home improvement, and reality TV shows were able to fill its watcher’s content void. Additionally, Discovery’s shows were able to continue recording even with social distancing guidelines. Discovery’s additional viewers and ability to generate content continues to keep DISCA competitive during the pandemic.

Discovery Inc. will be launching a streaming service at the beginning of 2021. Discovery’s streaming option (to be called Discovery+) will provide subscribers additional opportunities to watch content at their leisure – paid and ad-free or otherwise.

DISCA, with its differentiated portfolio of low-cost content, is well positioned to serve its niche target audience relative to its peers.

Return Compared to Related Indices 1 Year 5 Year

Digital Realty Trust

(DLR)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $146.76 $164.82 $39.47B $2.86 51.31 8.34%

Description: Digital Realty Trust is a real estate investment trust that houses and maintains cloud operating infrastructure. Customers rent out either DLR’s existing server storage or the customer brings in their own hardware for DLR to store at one of their 270 global data centers. DLR provides flexible build-to-suite data storage or colocation offerings that lower data storage and computing costs versus maintaining a data store inhouse.

Investment Thesis: The demand for cost effective cloud computing and data storage is exponentially increasing as today’s business world collects, stores, and analyzes more data than ever before. Digital Realty Trust is at the forefront of the hyper- scale data storage industry and is poised to effectively capture this growing need. Digital Realty Trust is rapidly expanding with their newest acquisition of Interxion giving them a total of 270 data centers globally and a footprint in affluent Asian & European cities such as Paris, Hong Kong, Sydney and Madrid. As the demand for automated intelligence, internet of things, and driver-less vehicles expand in the market, the need to store the captured data will become more and more of a necessity. CEO Bill Stein was interviewed about the potential for data centers in a computer driven world and he commented on how automated vehicles require about 3000x more data per trip than our brains need to drive. Automated vehicles will need multiple data centers to quickly and efficiently relay information off of.1 Furthermore, handheld & a growing number of household devices rely on cloud computing and data storage to make their products functional. This grows the need for Digital Realty Trust’s suite of services and multiple locations.

Return Compared to Related Indices 1 Year 5 Year

Electronic Arts Inc.

(EA)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $130.41 $159.84 $37.66B $6.85 19.04 30.19%

Description: : Electronic Arts (EA) is a global leader in digital interactive entertainment. Its leading titles are Madden NFL, FIFA, and Star Wars, all of which it licenses from other companies, and its own Battlefield, Apex Legends, and The Sims. While EA generates increasing sales from games sold, the bulk of its revenue comes from live services. The company is also moving into eSports with its Competitive Gaming Division. Investment Thesis: EA has published a well-reviewed game in every gaming sub-market that exists. From sports, to shooters, to action- adventures, and beyond, EA has created high quality titles for every type of gamer. In this time of shortened/non- existent pro-sports schedules, EA’s sports titles are particularly attractive entertainment outlets for sports fans. EA has seen 100%+ growth YoY in new player acquisition in both Madden and FIFA, its two largest sports titles. Many of these new players will be retained post-quarantine and become integral parts of EA’s ecosystem, contributing to its bottom line for years to come. Next-generation consoles will be released in November 2020. EA recently partnered with Microsoft (MSFT) to provide EA Play as part of MSFT’s game pass. This gives EA an increased opportunity to capitalize on pre-existing franchises with live services rather than having to make new, risky IPs. As games become more compelling and accessible with improved technology and game subscription services, a continued structural shift towards gaming as a choice form of entertainment is likely to occur. Secular trends towards gaming and EA’s hold on the sports market makes EA a strong holding in today’s environment.

Return Compared to Related Indices 1 Year 5 Year

Encore Capital Group, Inc.

(ECPG)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $38.59 $49.87 $1.21B $6.82 5.66 65.06%

Description: Encore Capital Group is an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. Encore primarily purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Investment Thesis: Encore Capital Group is the leading purchaser of non- performing loan portfolios in an industry with high barriers to entry. In an innately high barrier to entry industry, Encore’s business model allows them to acquire consumer debt portfolios at a steep discount, yielding strong return on investment. In 2Q20, Encore saw record revenues of $426M, up 23% compared to the prior year period.1 Encore is poised for strong earnings growth, as substantial increases in charged-off recoverables are expected to come to market in 2021. Encore is positioned to capitalize on a 13% increase in estimated remaining collections (ERC), as they continue to deleverage and build

liquidity, reducing their debt/equity ratio to 3.2x and holding cash & equivalents of $293.8M.1

Moreover, a recently announced combinatiton of their U.S. and European funding structures, MCM and Cabot, is expected to create cost-savings while simultaneously allowing Encore to broaden their geographic footprint, positioning them to become a global leader in debt purchasing.2

With banks’ charge-off rates at six-year highs and defaults expected to rise in the absence of additional fiscal stimulus, Encore is poised for further growth and increased market share moving forward.

Return Compared to Related Indices 1 Year 5 Year Facebook, Inc. (FB)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $261.90 $302.00 $74.11B $8.19 31.98 57.01%

Description: Facebook, Inc. builds products that help people learn about what is going on in the world around them, enable people to share their opinions, ideas, photos and videos, and other activities with audiences ranging from their closest family members and friends to the public at large, and stay connected everywhere by accessing their useful products. Its social portfolio consists of Facebook, Instagram, Messenger, WhatsApp, and Oculus.

Investment Thesis: COVID-19 has accelerated businesses’ need to sell goods online effectively; those lacking e-commerce channels quickly lost revenue during shelter-in-place orders. With the introduction of “Facebook Shops” and similar products, Facebook, Inc. has made it easier for SMBs to sell goods and communicate with customers online. It is quickly shaping up to be a significant market player in this space. The company earns fees at checkout as well as in advertising. Facebook, Inc.’s monthly active people has continued to grow. Though global advertising spend generally has slid more than 30%, Facebook, Inc.’s ARPU YoY has remained steady. Facebook’s targeted advertising is indispensable to SMBs because it produces more value than broader advertising schemes. We are still early on in the development of advertising targetability and ROI measurement. As these improve further, Facebook’s targeted advertising moat will continue to grow. As the far-and-away market leader in the realm of social media, Facebook presents itself as a superior holding due to its ability to service its consumers (businesses) and hold its suppliers (people) captive.

Return Compared to Related Indices 1 Year 5 Year InterActive Corp.

(IAC)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $119.78 $160.00 $10.22B N.A. N.A. (33.17%)

Description: IAC/InterActiveCorp (IAC) has a portfolio of websites including influential brands with a fair share of name recognition. IAC revenues come from five business segments: Homeservices, Vimeo, , Search, and Emerging & Other. IAC has become known for incubating businesses and spinning them off into separate companies; IAC recently spun off its dating service providers, Match Group, in 2Q20.

Investment Thesis: Earlier this year, IAC successfully spun off Match Group. Match Group assumed all of IAC’s prior debt. IAC used some of the cash it received from the spin-off to accumulate a 12% interest in MGM Resorts International for an aggregate of $1.02B on a cost basis of ~$17.25 per share (trading at $21.75 per share now). Having a “near- zero” stub value and playing an instrumental role in the development of the online gambling space, MGM represented a unique and cheap investment opportunity for IAC. As much more of current everyday, normal life revolves ANGI Q2 Y/Y Growth around the home than in recent history, the demand for previously ignorable home improvements/repairs has 20% increased. As the largest player in the severely fragmented 15% space of service contracting, ANGI is the first avenue 10% turned to by consumers lacking traditional word-of-mouth recommendations in this time of limited interaction. More 5% consumers turning towards ANGI will incentivize more 0% contracters to use ANGI to market their services, resulting Marketplace Marketplace Marketplace Advertising Service Revenue per Revenue per Service in accelerating market share growth in the home services Requests Monetized Transacting Professionals space. Transaction Professional With its variety of growing, influential brands and MGM investment, IAC will continue to generate strong returns. Return Compared to Related Indices 1 Year 5 Year

ICU Medical, Inc. (ICUI)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $182.76 $204.00 $3.83B $1.31 31.87 (9.42%)

Description: ICU Medical, Inc. develops, manufactures, and sells products used in infusion therapy, IV systems, and critical care applications. They are the number one provider of IV sets, needlefree connectors, and oncology CSTDS. Their primary customers are acute care hospitals, wholesalers, ambulatory clinics and other health care facilities and providers. Investment Thesis: ICU Medical has historically and is currently the best or second best performer in each of the segments they serve and continue to provide the most preferred solutions in the IV Solutions and Infusion Pumps segments. Recently, ICU has seen significant opportunity in their oncology segment, as regulatory approval of the USP <800> drives futher CSTDS adoption.1 ICU is also developing various software offerings in order to futher integrate products across product lines. ICU’s MedNet™ continues to provide complete IV-EHR interoperability, providing analytical leverage to vendors. ICU is also developing software to leverage with their oncology offerings in order to further differentiate themselves in the rapidly growing segment. Across their segments, patient admits are a key metric to observe as COVID-19 pressures begin to fade. ICU sees COVID-19 losses offset by gains in their most differentiated product lines for FY 2020.2 With continued customer stickiness across various product lines, various innovative solutions leveraging software, and a more than comfortable cash position at $14/share, ICU is primed for growth moving forward.1

Return Compared to Related Indices 1 Year 5 Year

Kimberly-Clark Corporation

(KMB)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $147.66 $157.08 $50.28B $7.42 19.57 12.59%

Description: Kimberly-Clark Corporation is a global hygiene and health company that focuses on manufacturing and producing consumer goods. KMB produces a variety of goods including paper towels, tissues, disposable face masks, and diapers. Their products are sold in countries all over the world. Some of their most popular brands include Huggies, Kotex, Scott, and Kleenex.

Investment Thesis: Kimberly-Clark remains one of the largest producers of

household essential items in the United States. KMB currently generates more than 50% of its sales in the U.S. but is working on growing more globally, specifically in China, Eastern Europe, ASEAN, and Latin America. The impacts of COVID-19 showed very little negative effects on a company as large and relevant as KMB. Not only did KMB come back from the COVID-19 downfall, but their share price is higher than it was before COVID- 19 hit. Due to the importance of each product they manufacture, the company has shown great resilience during the global pandemic. KMB is in the process of acquiring the Indonesian diaper maker, Softex for approximately $1.2B. Softex is a growing company with a large following of Indonesian consumers. This acquisition will help Kimberly-Clark to speed up their presence within Southeast Asia. The company’s CEO, Mike Hsu adderessed Indonesia as being the sixth largest diaper market in the world and they expect it to grow to the third largest within the next ten years.

Return Compared to Related Indices 1 Year 5 Year

Laboratory Corporation of

America Holdings (LH)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $188.27 $210.00 $18.34B $4.76 21.44 48.96%

Description: Laboratory Corporation of America Holdings (LabCorp) provides and develops clinical laboratory services. Its LabCorp Diagnostics (LCD) segment serves a variety of healthcare providers and organizations. Through its other major segment Covance Drug Development (CDD), it provides early-stage drug development services to biopharmacuetical clients. Investment Thesis: LabCorp continues to be the preferred diagnostics testing firm in the duopoly it shares with Quest Diagnostics via continued diversification of LabCorp’s revenues. As COVID-19 testing demand rises, Pixel by LabCorp provides at home testing and provides a differentiated offering in a time largely marked by socially distancing measures.1 Serology tests are another area for potential growth. Current run rates for reimbursements set by the Centers for Medicare & Medicaid Services could drive an additional $150M in monthly revenues for LabCorp as 2 demand for serology tests rises.

Covance has experienced a sizeable increase in market share in the rapidly growing market of early-stage drug development. Analysts estimate biopharma R&D will continue to climb throughout the pandemic and virus related tailwinds for Covance are expected to be better than orginally expected by management.2

LabCorp’s diversified revenue streams, differentiated consumer testing products, and virus related Covance wins provides a runway for LabCorp to grow significantly post- pandemic when normal diagnostic demand normalizes.

Return Compared to Related Indices 1 Year 5 Year

Lockheed Martin Corporation

(LMT)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $383.28 $434.00 $107.35B $6.08 16.83 2.31%

Description: Lockheed Martin Corporation is a global defense and security company that primarily develops and researches advanced technology products and services. The company operates in areas of telecommunication, space, aeronautics, energy, electronics, and systems integration. Lockheed is a leading military contractor who supplies a variety of models of aircrafts, missiles, and weapons systems to government and commercial customers.

Investment Thesis: Lockheed is one of the world leaders for aerospace and defense. The US government totals 71% of Lockheed’s revenue (61% Department of Defense) – a revenue stream that is expected to steadily increase QoQ along with EPS. An increase in dividends also foreshadows successful profits in the future as Lockheed just recently raised their dividend payments from $2.40 to $2.60.1 It is well known that Lockheed Martin is the producer of the F-35 Joint Strike Fighter, a trillion-dollar program that provides a steady stream of revenue and profits for Lockheed and its subcontractors. While the F-35 is important, Lockheed has a vast arsenal of products to offer including hypersonic missiles that are becoming of increasing concern to the US government due to the military progression of China and Russia. These, and many others, will provide a reliable source for contracts in the future. As of July, the company had a backlog of orders totaling $150B.2 In March, Lockheed impressively rebounded from the toll of COVID-19 and are steadily on the rise once more. The coming election results will impact government defense spending, but Lockheed will be minimally effected.

Return Compared to Related Indices 1 Year . 5 Year

At this time, Alexion is scheduled to present on the impact of COVID-19 on May 6th. Due to the severe nature of the diseases that Alexion’s products treat, we view current revenue streams as more resistant to adverse effects related to the pandemic. We are closely monitoring updates from Alexion’s clinical trials should they suffer delays as other clinical trials have from the pandemic.

Moelis & Co. (MC)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 2 Return $35.14 $41.00 $2.40B $1.45 24.23 20.62%

Description: Moelis & Co. operates as an independent investment bank that provides strategic and financial advice to a client base consisting of corporations, governments, and financial sponsors. The company offers advisory services through a wide variety of major sectors including consumer, energy, commercial real estate, financial institutions, and more. Investment Thesis: Moelis & Co. is a global independent investment bank that leverages expertise on M&A, restructuring and recapitalization, and public debt/equity offerings. Moelis earned revenues of $159.9M in 2Q20, a 4% increase from the prior year period, despite a 31% decrease in global M&A transactions in the same period.1 Prior to 2Q20, Moelis made several key hires strengthening coverage in oil, gas, and healthcare sectors. Management expects this to be an area of innovation and a source of revenue due 2 to effects from COVID-19.

Moelis recently advised on capital-raising transactions that added $14B across both equity and debt. Moelis remains well-capitalized, holding $92.9M in cash and equivalents and no debt on their balance sheet. Their strong liquidity position coupled with zero financial leverage gives Moelis breathing room in times of M&A downturns.

Despite the uncertainty surrounding M&A for the remainder of the year, Moelis expects to capitalize on previously tabled deals, company restructurings, and debt offerings as companies look to consolidate and raise capital given the low interest rate environment.

Return Compared to Related Indices 1 Year 5 Year

Medtronic, PLC (MDT)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $103.92 $115.00 $139.69B $0.81 36.78 10.07%

Description: Medtronic, PLC is one of the biggest developers of theuropuetic and diagnostic medical products. Medtronic’s principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic’s products are sold globally. Investment Thesis: Medtronic PLC is one of the premier developers for

medical products across a wide range of segments. Medtronic has the ability to leverage both organic and non-organic growth in order to increase market share. Medtronic’s robust product pipeline supports managements goal to continually offer differentiated products. With over 130 products approved in 2020, Medtronic has more significant products in the pipeline that management believes are true disruptors in the segments they aim to serve.1 Medtronic also recently announced a $337M collaboration with Blackstone in order to develop 4 key R&D projects with LSD-MSD royalty upon successful commercialization, futher providing evidence of Medtronic’s ability to commercialize pipeline products.2 Medtronic’s financial security has allowed for breathing room while COVID-19 significantly impacted demand in key segments. Moreover, a continued increase in dividends, with management indicating a target payout ratio of 40%.1 Medtronic’s ability to develop pipline products, grow organically and non-organically, and capital allocation strategy make them a prime investment moving forward.

Return Compared to Related Indices 1 Year 5 Year

Marathon Petroleum Corporation (MPC)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 2 Return $29.33 $35.50 $19.09B $(11.83) N.A. 29.13%

Description: Marathon Petroleum Corporation is a US energy company operating in the refining & marketing, retail and midstream segments with refineries in the Gulf Coast and Midwest and a retail presence under its Speedway business segment. With more than 16 refineries, it is the US’s largest refiner and produces more than 3.1M barrels of crude oil a day.1 Investment Thesis: In August, Marathon sold off a part of its retail

segment, Speedway, to 7-Eleven in a $21B deal.2 This move creates $16.5B in cash on sheet and gives them a longer runway to deal with current

headwinds.2

Marathon is coupling this infusion of cash with evaluating closure of underperforming refineries and lowering costs in all aspects. The main catalyst for Marathon is for a healthy and moving economy. Limited mass travel due to COVID-19 has significantly hampered not only Marathon, but the entire oil and gas industry. This is a great opportunity to pick up heavily discounted shares that will quickly bounce back once the world gets moving again. MPC is one vaccine away from a surge in demand that will result in higher fuel prices and thus price appreciation. MPC has been beaten down over 2020 and we have positioned ourselves to be rewarded from the increased demand in oil and gas that we will see within the next 6-8 months.

Return Compared to Related Indices 1 Year 5 Year

Microsoft Corp.

(MSFT)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $210.33 $254.00 $1.59T $5.81 36.20 27.77%

Description: Microsoft Corporation develops, manufactures, liscenses, sells, and supports a collection of platforms and tools that drive SMBs’ productivity and large businesses’ competitiveness. Its products include operating systems, cross- device productivity apps, business solution apps, desktop and server management, software development tools, and video games. The company also develops and sells hardware and accessories. Investment Thesis: Microsoft is the second largest player in the fast growing realm of cloud computing. Though late to the game, Microsoft has been continuously chipping away at ’s market share with their best-in-space hybrid- cloud offering. Microsoft’s ability to offer loyalty prices and easy integration with its other products (like Office 365) make it difficult for customers to disentangle themselves from its full stack of intertwined products.

Microsoft’s next-generation consoles will be released in November 2020. Microsoft’s consoles are favorably GAAP Percentage Revenue Change positioned relative to Sony’s because they come at Y/Y competitive pricepoints and offer a more compelling game subscription service (“Xbox Game Pass”). Microsoft has Surface recently entered the cloud gaming space with Project xCloud and is, again, well positioned relative to Xbox Content and Services and Amazon due to its pre-existing game library and offerings. The integration of gaming across the Xbox, PC, Azure and phone is exclusively available to Microsoft. Microsoft Server Products and Cloud Services is uniquely well positioned to take advantage of the trends towards gaming. Dynamics 365 Along with its unparalleled management team, Microsoft’s Office 365 Commercial continued toolkit of expansion, integration, and leadership 0% 10% 20% 30% 40% 50% 60% 70% in the gaming space make it a valued holding.

Return Compared to Related Indices 1 Year 5 Year

Match Group, Inc.

(MTCH)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $110.65 $127.00 $28.77B $4.11 26.94 11.86%

Description: Match Group Inc. is the leading provider of online dating products. It owns and develops a diverse portfolio of dating apps to serve every type of person looking for any level of commitment. Its portfolio consists of Tinder, Match, , OkCupid, Hinge, Pairds, PlentyOfFish, OurTime, and a variety of smaller apps that target specific demographics. Its revenue comes primarily from recurring subscriptions and some a la carte features.

Investment Thesis: As a near-monopoly of US online dating, Match Group is a strong holding because it has a well positioned, diverse portfolio of dating apps prepared to serve the increased online dating demand as the world returns to normal. Match Group will benefit as secular changes continue to remove the stigma from online dating. Dating apps are primarily used by millennials. While infamous for creating casual relationships, Tinder actually serves more broadly as the one-stop shop for online dating for those aged 18-35. Hinge, a recent acquisition, has been built to better serve 18-35 year olds looking for a longer- term relationship. Since Match acquired Hinge three years ago, Hinge users have grown by 10x. This last year, its average revenue per user (ARPU) grew 60% YoY. Match Group is well positioned to serve all of the dating preferences of its primary user base. Match Group consistently maintains 50%+ market share of all U.S. online dating. During the heights of quarantine, when few were going outside and interacting physically, the number of active users among Match Group’s portfolio continued to climb. ARPU dropped during quarantine, but users’ propensity to pay has been quickly rebounding since early May.

1 Year 5 Year Return Compared to Related Indices

Next Era Energy Inc. (NEE)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $277.55 $292.81 $135.92B $7.24 38.84 19.13%

Description: NextEra Energy (NEE) owns and operates two businesses: Florida Power & Light (FPL), Florida's largest electric company, and NextEra Energy Resources (NEER), one of the world's largest generators of renewable energy. FPL generates more than 27,000 MW of electricity and delivers it to more than five million residential customers in the state. NEER generates almost 22,000 MW of energy via wind and solar sources. NEE operates one of the largest nuclear 1 power plants in the US with eight commercial nuclear power units in Florida, New Hampshire, Iowa, and Wisconsin.

Investment Thesis: NEE poses a great investment opportunity as it blends reliable revenue from FPL with an emerging sector in NEER. FPL is the largest electric utility company in the state of Florida with 89% of sales derived from residential customers.2 NEER is focused on long term contracts for renewable solar and wind generation.

Many utility companies are unappealing because they are not dynamic to changing market conditions. As the energy and utility markets move towards

renewable energy for sustainability and efficiency standards, NEE is one of the few that benefit from this transformation. NEE can adequately serve

current and future customers due to their two- pronged approach and flexible business model.

Another factor in the utility sector is the aging labor market, utilities are unable to attract top talent. However, NEE’s management is all under the age of 57, they are not afraid to zig when everyone else zags.1 This is a great place for capital allocation for years to come.

Return Compared to Related Indices 1 Year 5 Year

Owens Corning (OC)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $68.81 $83.50 $7.49B $1.25 16.37 78.54%

Description: Owens Corning produces residential and commercial building materials, glass-fiber reinforcements, and engineered materials for composite systems. They are a global company that offer their products to various industries. Owens Corning is organized into three business segments: insulation, roofing, and composites. The company is famous for its PINK glass fiber insulation. Investment Thesis: Owens Corning continues to show steady growth in a rebounding market as the world’s largest manufacturer of fiberglass composites. The company generates profits from three segments, all of which have strong growth prospects. Nearly 84% of roofing demand comes from the US residential and repair market. The fiber composite segment normally trends with the overall economy. It has taken a hit with COVID-19, but is returning to growth as construction and transportation become relatively normal again. Insulation demand is driven by a mix of US and international customers. All segments and revenue fluctuate from period to period due to weather.1 Following the trough of the pandemic, Owens Corning still delivered solid returns. They continue to provide a strong operating cash flow of $281M and a total liquidity increase of approximately $1.5B. Seeing previous spikes in the winter, Owens Corning will be one to watch in the coming months. Owens Corning appears to be on the rise. We are closely monitoring the impact of climate with residential consumer spending habits regarding start-up builds and the repair market.

Return Compared to Related Indices 1 Year 5 Year

PayPal Holdings, Inc. (PYPL)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $197.03 $235.26 $231.18B $2.27 86.96 105.80%

Description: PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The company’s platform allows users to shop by sending payments, transfer funds to and from their bank accounts, and hold balances within their PayPal accounts. The company offers online payment solutions along with PayPal branded credit and debit cards.

Investment Thesis: PayPal continues to be a dominant player in the digital payments industry. Despite downward projections due to COVID-19, PayPal bolstered record results in 2Q20, adding 21.3M active accounts and 30% total payments volume growth (TPV).1

PayPal continues to capitalize on the contactless payment trend, rolling out their own QR payment platform. This trend is being widely adopted as merchants seek contactless payment options.2 PayPal’s key acquisitions, Venmo and Xoom, continue to payoff as P2P volume increased 38% in the quarter, representing 29% of TPV.1 Venmo continues to bring accelerated growth to PayPal, with Venmo volume increasing 52% in 2Q20, adding $37B to TPV. PayPal continues to diversify its platform following its’ separation with eBay, with $74B of TPV coming from top marketplaces in the last twelve months, growing 7x faster than eBay marketplace volume. With forecasted revenue growth in 3Q of approximately 25% and the release of the Venmo credit card later this year, PayPal remains an excellent investment opportunity moving forward.

Return Compared to Related Indices 1 Year 5 Year

Universal Insurance Holdings, Inc. (UVE)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $13.84 $26.80 $440.84M $0.31 44.61 (20.98%)

Description: Universal Insurance Holdings Inc. operates as a holding company offering property and casualty insurance and value-added insurance services. It develops, markets, and underwrites insurance products for consumers in the personal residential homeowners’ lines of business. Investment Thesis: Universal Insurace Holdings (UVE) provides end-to-end

services within the insurance industry. UVE continues to be a prominent insurance provider in Florida, while continuing expansion into other states, helping reduce exposure to weather related losses in their home state. During the first half of 2020, UVE saw direct premiums written growth of 16.5% in non-Florida states, and 13.8% growth within Florida.1 While recently announced expected catastrophe related losses due to Hurricane Sally and Isaias have led to further price depreciation, UVE remains well-capitalized with $331.7M in cash and cash equivalents, and $197M of weather-related reinsurance coverage extending coverage through 2022, allowing the company to hedge against 2 further weather-related losses.

Additionally, UVE’s proprietary software, Clovered, continues to bolster growth for the company, bringing 40% premium growth YoY and increasing non-risk bearing business over 200% in the same period.1 Moreover, management noted they have not seen a material impact on their business from COVID-19, except for a decrease in fair value of certain investment securities, which substantially recovered in the second quarter.

UVE continues to show promising signs of growth and risk reduction while simultaneously maintaining a robust balance sheet. Continued growth related to Clovered and further entry into new states makes UVE a promising opportunity moving forward.

Return Compared to Related Indices 1 Year 5 Year

Visa, Inc. (V)

Market Price Target Price Market Capitalization EPS (TTM) P/E (TTM) Period 3 Return $199.97 $228.19 $440.54B $5.73 34.91 24.48%

Description: Visa is a global payments technology company that enables fast, secure, and reliable electronic payments across more than 200 countries and territories. The company aids financial transactions across the globe, between and among consumers, merchants, financial institutions, businesses, and government agencies. Visa’s global ATM network is present in over 200 countries and Visa’s payment cards are accepted at over 53M merchants worldwide.

Investment Thesis: Visa is a leader in the market for digital payments, which is expected to carry a CAGR of 23.8% from 2020 to 2025. Despite decreased total payments volume (TPV) for their most recent quarter, business drivers improved each month throughout the quarter, with Visa seeing marked improvements in payments volume and processed 1 transactions.

Despite decreased global transactions volume, Visa saw 75% YoY growth in Visa Direct, their real-time payments platform. Additionally, their Value-Added-Services revenue

grew in the mid-teens YoY. Value-Added-Services will play an increasingly important role in platform services, cyber issues, and fraud prevention in the acceleration of digital 1 payments due to COVID-19.

Visa continues to grow in the e-commerce field, with their share of investments in digital commerce platforms 3x greater than physical POS options, as seen on the graphic to the left. With their recent announcement of an expanded relationship with PayPal and the acquisitition of Plaid, Visa is positioned to capitalize on accelerated digital commerce and real-time

payment transactions.2

Return Compared to Related Indices 1 Year 5 Year

Returning Managers

Harry Channing joined the McClain Torch Fund in January of 2020. He is currently a Senior majoring in Finance and Mathematics with a collateral in Business Analytics and a minor in Computer Science. He is a member of the Chancellor’s and Math Honors programs, a Haslam College peer mentor, and the secretary of the Tennessee Capital Markets Society. As a Melton Scholar, he did research with Dr. Bozdogan in the Business Analytics Department using deep learning tools and genetic data to predict whether or not someone is autistic based on their genes. He plans to sit for the CFA Level One Exam in February of 2021. Eager to continue learning post-graduation, he has a particular interest in pursuing either a Ph.D. in Financial Mathematics or a career in management consulting or high finance upon May graduation in 2021.

Joshua Davis joined the McClain Torch Fund in January of 2020. He is currently a Senior majoring in Finance and minoring in Economics along with a collateral in Business Analytics. He is a member of the Chancellors Honors Program along with continued involvement in the University of Tennessee Investment Group and the Financial Management Association. Currently, he volunteers at The Good Neighbor Shoppe in Lenoir City, Tennessee, an organization that accepts donations to which the proceeds go towards charity efforts for disadvantaged people in the Appalachian region. He has recently accepted a return offer from PNC Bank in which he will be working as a Capital and Liquidity Analyst with their Asset and Liability management group in Pittsburgh, Pennsylvania upon graduation in May of 2021. Austin Taylor joined the McClain Torch Fund in January 2020. He is a Senior majoring in Finance with a concentration in Supply Chain Management. For the past 8 months, he has worked full-time in Operations and Finance at The Yards in Ponte Vedra Beach, Florida. In this role, he supports current entities and sources new investments. Austin also has experience as a Commodity Trading Intern (Nexidus Commodities) and as a Finance/Accounting Intern (Holman Automotive). Experience from these roles has driven Austin to become extremely passionate about venture capital and working with entrepreneurs. Austin will be heading a new project launch in the coming months where he will get the opportunity to lead a multi- million-dollar entity. Austin will be graduating in December 2020. New Managers

Riley Alexander joined the McClain Torch Fund in August of 2020. He is from Greeneville, Tennessee and is currently a Senior majoring in Finance with a collateral in Marketing. He has been a member of the Dean’s List each of his semesters at UTK. Riley has worked as an Accounting Intern at Phillips and Jordan, Inc. and as a teller at Andrew Johnson Bank. This past summer, his internship was cancelled due to COVID- 19, and he served as a math tutor at a local Boys and Girls Club while also focusing on his studies. After graduation in May 2021, Riley aspires to enter a career in Private Wealth Management.

Jake Coffey joined the McClain Torch Fund in August 2020. He is a native of Knoxville and is currently a Senior majoring in Finance with a collateral in Economics. This past summer, he completed an internship with SmartBank in Knoxville and remains with the company as a Junior Financial Analyst for the school year. Jake has a passion for learning and plans to sit for the CFA Level One exam next May. He has been a member of the Dean’s List each semester during his tenure at Tennessee. After graduating in May 2021, Jake will pursue a master’s degree in Finance at Vanderbilt University. Following the program, Jake plans to pursue a career in investment management, hoping to ultimately start his own portfolio management firm.

Ashley Fleiner joined the McClain Torch Fund in August 2020. She is a Senior majoring in Finance with a concentration in International Business. In Summer 2019, she interned at Vanderbilt Mortgage and Finance in the Default Servicing department. She studied abroad in Rome, Italy in the Spring of 2020 and came home to begin her summer internship with Mars Petcare as a Finance & Accounting Intern. She is a member of Pi Beta Phi and currently serves as the Vice President of Finance and Administration for VOLthon, the largest student run Non-Profit Organization on campus. Following graduation in May of 2021, Ashley hopes to pursue a career in corporate finance, investment banking or private equity.

Kevin McCarter joined the McClain Fund in August of 2020. He is currently a Senior pursuing a double major in Accounting & Finance with a collateral in Information Management. In the Spring of 2019, Kevin interned at Novinger, Ball, & Zivi CPA’s as a Tax Intern. He is currently employed at First Horizon Bank as a bank teller. Kevin is the founder of HoneyBrook Financial, a small consulting and bookkeeping firm with plans to expand into investment advisory services for his small business clients. Kevin is expected to graduate in the summer of 2020 having completed two degrees in three years. He is currently studying for his CFA Level One exam with plans to pursue his CFP designation post-graduation. Kevin hopes to pursue a career in financial planning or asset management. Sources Top Ribbon

*All market values (Market Price, Market Capitalization, EPS, P/E, and other numbers included) came from Bloomberg*

1. Bloomberg Finance L.P.

ALXN

1. “SEC Filing: Alexion Pharmaceuticals, Inc. 2Q 2020.” SEC Filing | Alexion Pharmaceuticals, Inc., 30 July 2020, ir.alexion.com/node/22781/html.

CSCO

1. Innovation, Security Better: Cisco Security Drives. “Better: Cisco Security Drives Innovation, Growth and Empowers Customers.” Cisco Blogs, 7 Mar. 2019, blogs.cisco.com/security/better-cisco-security-drives-innovation-growth-and-empowers- customers.

2. “Q4FY20 Earnings Slides.” Cisco, investor.cisco.com/events/event-details/2020/Ciscos- Q4FY20-Earnings-Conference-Call/default.aspx.

CVS

1. “Morgan Stanley 18 th Annual Global Healthcare Conference.” Morgan Stanley, 15 Sept. 2020

2. “SEC Filing: CVS Health Corp 2Q 2020.” SEC Filing | CVS Health Corp, 5 Aug. 2020

DISCA

1. Adgate, Brad. “Discovery Is Joining A Crowded Streaming Video Landscape.” Forbes, Forbes Magazine, 23 Sept. 2020, www.forbes.com/sites/bradadgate/2020/09/23/discovery-is- joining-a-crowded-streaming-video-landscape/.

2. “Barclays Global Consumer Staples Conference.” Investor.Kimberly-Clark, 9 Sept. 2020, investor.kimberly-clark.com/static-files/fcc888f6-55b5-4e28-b959-b24f9e6233d1.

DLR

1. “Digital Realty Trust CEO: Underlying Strength | Mad Money | CNBC.” Youtube.com, 2016, www.youtube.com/watch?v=CNiJLRiL0Nk.

2. Digital Realty Trust. Investor Presentation May 2020. 2020, investor.digitalrealty.com/news- and-events/events-and-presentations/default.aspx.

EA

1.“Electronic Arts Inc. Q1 FY 2021 Earnings Slides.” Electronic Arts Investor Relations, 30 July 2020, s22.q4cdn.com/894350492/files/doc_financials/2021/q1/Q1-FY21-Earnings-Slides- Final.pdf.

2.Transcripts, SA. “Electronic Arts Inc. (EA) CEO Andrew Wilson on Q1 2021 Results - Earnings Call Transcript.” Seeking Alpha, Seeking Alpha, 31 July 2020, seekingalpha.com/article/4362700-electronic-arts-inc-ea-ceo-andrew-wilson-on-q1-2021- results-earnings-call-transcript?part=single.

ECPG

1. “Encore Capital Group Announces Second Quarter 2020 Financial Results.” Https://Www.Sec.Gov/Ix?Doc=/Archives/Edgar/Data/1084961/000108496120000112/ Ecpg-20200805.Htm, 5 Aug. 2020, www.sec.gov/Archives/edgar/data/1084961/000108496120000112/exhibit991ecpgq22020e a.htm.

2. “Encore Capital Group Announces New Global Funding Structure.” Encore Capital Group, 1 Sept. 2020, www.encorecapital.com/investor-events-presentations.

Graphics:

“Encore Capital Group’s Q2 2020 Earnings Conference Call.” Encore Capital Group, 5 Aug. 2020, www.encorecapital.com/investor-events-presentations.

FB

1.“Facebook Q2 2020 Results Earnings Presentation.” Facebook Investor Relations, 30 July 2020, s21.q4cdn.com/399680738/files/doc_financials/2020/q2/Q2-2020-FB-Earnings- Presentation.pdf.

2.Mandese, Joe. “U.S. Advertising Falls 14% In July, Most Moderate Rate Of Erosion Since March.” U.S. Advertising Falls 14% In July, Most Moderate Rate Of Erosion Since March 08/21/2020, 21 Aug. 2020, www.mediapost.com/publications/article/354998/us- advertising-falls-14-in-july-most-moderate.html.

IAC

1.“IAC Q2 2020 Shareholder Letter.” IAC Investor Relations, 10 Aug. 2020, ir..com/static- files/d757f7a2-f328-47f8-a4ce-d2aa1375e2af.

2.“IAC Reports Q2 2020 Results.” IAC Investor Relations, 10 Aug. 2020, ir.iac.com/static- files/dd1f0dd3-89b1-4f7f-9647-1f65eed56c5f.

3.“IAC/InterActiveCorp's (IAC) CEO Joey Levin on Q2 2020 Results - Earnings Call Transcript.” Seeking Alpha, Seeking Alpha, 11 Aug. 2020, seekingalpha.com/article/4367617-iac- interactivecorps-iac-ceo-joey-levin-on-q2-2020-results-earnings-call-transcript?part=single.

4.“Online Gambling Market Size, Share: Industry Report, 2020-2027.” Online Gambling Market Size, Share | Industry Report, 2020-2027, Apr. 2020, www.grandviewresearch.com/industry- analysis/online-gambling-market.

ICUI

1. “Morgan Stanley 18 th Annual Global Healthcare Conference.” Morgan Stanley, 15 Sept. 2020

2. “SEC Filing: ICU Medical 2Q 2020.” SEC Filing | ICU Medical, 10 Aug. 2020, ir.icumed.com/node/17721/html.

KMB

1. Kumar, Vivek. “Kimberly-Clark to Acquire Softex Indonesia for $1.2 Billion; Buy with Target Price of $180.” Yahoo! Finance, Yahoo!, 4 Sept. 2020, finance.yahoo.com/news/kimberly- clark-acquire-softex-indonesia-054344237.html.

2. “Kimberly-Clark Corporation (KMB) CEO Mike Hsu Presents at Barclays 2020 Global Consumer Staples Conference (Transcript).” Seeking Alpha, Seeking Alpha, 9 Sept. 2020, seekingalpha.com/article/4373307-kimberly-clark-corporation-kmb-ceo-mike-hsu- presents-barclays-2020-global-consumer-staples?part=single.

Graphics:

“Barclays Global Consumer Staples Conference.” Investor.Kimberly-Clark, 9 Sept. 2020, investor.kimberly-clark.com/static-files/fcc888f6-55b5-4e28-b959-b24f9e6233d1.

LH

1. “SEC Filing: Laboratory Corporation Holdings of America 2Q 2020.” SEC Filing | Laboratory Corporation Holdings of America, 28 Jul. 2020,

2. Bloomberg L.P.

LMT

1. “Lockheed Martin Declares Fourth Quarter 2020 Dividend.” Media - Lockheed Martin, 2020, news.lockheedmartin.com/2020-09-25-Lockheed-Martin-Declares-Fourth-Quarter-2020- Dividend.

2. Whiteman, Lou. “Is Lockheed Martin Stock a Buy?” The Motley Fool, The Motley Fool, 26 Sept. 2020, www.fool.com/investing/2020/09/26/is-lockheed-martin-stock-a-buy/.

Graphics:

“Hypersonics.” Lockheed Martin, www.lockheedmartin.com/en-us/capabilities/hypersonics.html.

MC

1. Moelis & Co. Results. Q2 Financial (2020, July 29). Retrieved October 04, 2020, from https://www.sec.gov/Archives/edgar/data/1596967/000156459020034321/0001564590- 20-034321-index.htm

2. Transcribers, Motley Fool. “Moelis & Company (MC) Q2 2020 Earnings Call Transcript.” The Motley Fool, 30 July 2020, www.fool.com/earnings/call- transcripts/2020/07/30/moelis-company-mc-q2-2020- earnings-call-transcript.aspx.

Graphics:

“Events & Presentations - Moelis & Company.” Moelis.Com, investors.moelis.com/events-presentations/default.aspx.

MDT

1. “SEC Filing: Medtronic PLC 1Q 2021.” SEC Filing | Medtronic PLC, 25 Aug. 2020

2. “Jeffries Annual Healthcare Conference.” Jefferies, 3 June. 2020

MPC

1. Bloomberg

2. “Marathon Petroleum Corp. Announces Agreement for $21 Billion Sale of Speedway.” Marathon Petroleum Corp. Announces Agreement for $21 Billion Sale of Speedway | Marathon Petroleum Corporation, ir.marathonpetroleum.com/investor/news-releases/news- details/2020/Marathon-Petroleum-Corp.-Announces-Agreement-for-21-Billion-Sale-of- Speedway/default.aspx.

Graphics:

02/20/2020. “7-Eleven Reportedly in Exclusive Talks to Acquire Speedway.” Convenience Store News, 20 Feb. 2020, csnews.com/7-eleven-reportedly-exclusive-talks-acquire-speedway.

“US Oil Prices Turn Negative as Demand Dries Up.” BBC News, BBC, 21 Apr. 2020, www.bbc.com/news/business-52350082.

MSFT

1.Dignan, Larry. “Top Cloud Providers in 2020: AWS, Microsoft Azure, and Google Cloud, Hybrid, SaaS Players.” ZDNet, ZDNet, 1 Oct. 2020, www.zdnet.com/article/the-top-cloud- providers-of-2020-aws-microsoft-azure-google-cloud-hybrid-saas/.

2.“Press Release & Webcast Q4FY20.” Microsoft, 22 July 2020, www.microsoft.com/en- us/Investor/earnings/FY-2020-Q4/press-release-webcast.

MTCH

1.“Dating App Survey: Are They Just for Hook Ups?: SimpleTexting.” SMS Marketing & Text Marketing Services – Try It For Free, 16 Sept. 2020, simpletexting.com/dating-app-survey/.

2.“Match Group Q2 2020 Letter to Shareholders.” Match Group Investor Relations, 4 Aug. 2020, s22.q4cdn.com/279430125/files/doc_financials/2020/q2/Earnings-Letter-Q2-2020.pdf.

NEE

1. Bloomberg

2. “Investor Relations.” – NextEra Energy, Inc., www.investor.nexteraenergy.com/.

Graphics:

Staff Writer by Staff Writer 2 November 201820 March, and Staff Writer. “NextEra Energy Battery Storage: Achieving Green Goals.” Bold Business, 20 Mar. 2020, www.boldbusiness.com/energy/nextera-energy-battery-storage-achieving-green-goals/.

OC

1. John Bromels, Scott Levine. “These 3 Stocks Are Ridiculously Cheap Right Now.” The Motley Fool, The Motley Fool, 6 Sept. 2020, www.fool.com/investing/2020/09/06/these-3-stocks-are- ridiculously-cheap-right-now/.

2. “Owens Corning Q3 2020.” Owens Corning, 2020, newsroom.owenscorning.com/press- release/company-news/owens-corning-reports-second-quarter-2020-results/.

PYPL

1. “PayPal’s Q2 2020 Investor Update.” PayPal, Inc., 29 July 2020, investor.paypal-corp.com/news- events/events.

2. Hobart, Byrne. “Venmo Has Become PayPal’s Pandemic Secret Weapon | Marker.” Medium, 9 Sept. 2020, marker.medium.com/no-ones-splitting-the-bill-but-venmo-is-surging-47617013ebb0.

Graphics:

“PayPal’s Q2 2020 Investor Update.” PayPal, Inc., 29 July 2020, investor.paypal-corp.com/news- events/events.

UVE

1. “Universal Insurance Holdings Reports Second Quarter 2020 Results.” Sec.Gov, 29 July 2020, www.sec.gov/Archives/edgar/data/891166/000089116620000053/q220uveex- 991xpressrel.htm.

2. “Universal Insurance Holdings Inc (UVE) Q2 2020 Earnings Call Transcript.” The Motley Fool, 30 July 2020, www.fool.com/earnings/call-transcripts/2020/07/30/universal-insurance- holdings-inc-uve-q2-2020-earni.aspx.

Graphics:

“UVE Second Quarter 2020 Results.” UVE Investor Relations, 29 July 2020, universalinsuranceholdings.com/investors.

V

1. Transcribing, Motley Fool. “Visa (V) Q3 2020 Earnings Call Transcript.” The Motley Fool, 29 July 2020, www.fool.com/earnings/call-transcripts/2020/07/29/visa-v-q3-2020-earnings- call-transcript.aspx.

2. “Visa and PayPal Expand Partnership, Powering Faster Access to Funds Around the Globe.” Visa Inc., 10 Sept. 2020, visa.gcs-web.com/news-releases/news-release-details/visa-and-paypal- expand-partnership-powering-faster-access-funds.

Graphics:

“Visa 2020 Investor Day” Visa Investor Relations, Visa, Inc., 11 Feb. 2020, s1.q4cdn.com/050606653/files/doc_presentations/2020/02/Visa-Inc-2020-Investor- DayFull-Presentation.pdf.